Stockholders, creditors, and private investors often need assurance that the financial statements accurately represent the true financial position of a company.
Financial Statement Preparation
In the preparation of financial statements for a client, we present information that is the "representation of management" and expresses no opinion or assurance on the statements. Financial Statement Preparation doesn't require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles, a general understanding of your business and the information you provide.
Banks often require compilations from an independent CPA as part of their lending covenants, but will occasionally accept the prepared financial statements.
We also provide financial statements intended for management's use only. These financial statements are not accompanied by accountant's compilation report and are not intended to be released to third parties such as banks.
We do not provide audited or reviewed financial statements. These statements require inquiries, analytics and testing of the data. They also include required notes, discolures and an accountant's letter of opinion or assurance.
Which Report Should You Use?
Each type of financial statement report may suit specific circumstances, depending on requirements from your client's bank or other parties, as well as meet budgetary needs.
Please call if you have questions about which type of report is right for you.